#1SANDRIDGE energy Investor Presentation 2022 SandRidge Energy, Inc. NYSE: SD#2Disclosure - Forward Looking Statements This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements express a belief, expectation or intention and are generally accompanied by words that convey projected future events or outcomes. The forward-looking statements include statements about the company's corporate strategies, future operations, development plans and appraisal programs, our drilling inventory and locations, estimated production, rates of return, reserves, projected capital expenditures, projected operating, general and administrative and other costs, operational optimization initiatives anticipated efficiency and cost reductions, the acquisition of seismic data, infrastructure investment, liquidity, capital structure, hedging position, and price realizations and differentials. We have based these forward-looking statements on our current expectations and assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances including references pro forma for the sale of the North Park Basin Asset. However, whether actual results and developments will conform with our expectations and predictions is subject to a number of risks and uncertainties, including the volatility of oil and natural gas prices, our success in discovering, estimating, and developing oil and natural gas reserves, the availability and terms of capital, our timely execution of hedge transactions, credit conditions of global capital markets, changes in economic conditions, regulatory changes and other factors, many of which are beyond our control. We refer you to the discussion of risk factors in Part I, Item 1A - "Risk Factors" of our Annual Reports on Form 10-K and in comparable "Risk Factors" sections of our Quarterly Reports on Form 10-Q filed after such Form 10-K. All of the forward-looking statements made in this presentation are qualified by these cautionary statements. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on our company or our business or operations. Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. We undertake no obligation to update or revise any forward-looking statements. Our revenues, profitability and cash flow are highly dependent upon the prices we realize from the sale of oil, natural gas and NGLs. Historically, the markets for these commodities are very volatile. Prices for oil, natural gas and NGLs can move quickly and fluctuate widely in response to a variety of factors that are beyond our control. We refer you to the discussion of risk factors in Part I, Item 1A "Risk Factors" of our Annual Reports on Form 10-K and in comparable "Risk Factors" sections of our Quarterly Reports on Form 10-Q filed after such Form 10-K for further discussion on commodity price volatility. - The SEC permits oil and natural gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves, as each is defined by the SEC. At times we use the terms "EUR" (estimated ultimate recovery) and "recoverable reserves" that the SEC's guidelines prohibit us from including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved, probable or possible reserves and, accordingly, are subject to substantially greater risk of being actually realized by the company. For a discussion of the company's proved reserves, as calculated under current SEC rules, we refer you to the company's amended Annual Report on Form 10-K referenced above, which is available on our website at www.sandridgeenergy.com and at the SEC's website at www.sec.gov No representation or warranty, expressed or implied, is or will be made, and no responsibility or liability is or will be accepted by the Company or any of its affiliates in relation to the accuracy or the completeness of this overview or the opinions or forecasts contained herein, and any liability of the Company or any of its affiliates is hereby expressly disclaimed. Certain of the information contained herein is based upon or derived from information provided by industry sources. Although the Company believes such information to be reliable, it has not been independently verified and no representation or warranty, express or implied, is made as to the accuracy, reliability or completeness of any such information and the Company expressly disclaims any and all liability which may be based on this document and any errors therein or omissions therefrom. Any views expressed herein reflect the judgment of the Company as of the date of this presentation and may be subject to change (without notice) if the Company becomes aware of any information, whether specific to a transaction or general (including changes in prevailing capital markets conditions), which may have an impact on any such views. You should not assume that any information in this overview is accurate as of any date other than the date hereof or as otherwise specified herein. 2 SandRidge Energy, Inc. NYSE: SD#3SandRidge Investment Highlights - SandRidge Energy's SEC PD Reserve PV-10 is ~$433MM (1) with net cash of $140MM (2) $ Millions SEC Proved Developed Reserve PV-10(1) ~$433 Proved Developed Reserve PV-10 at Mar. 2 Strip Prices(3) -$546 Cash and cash equivalents(4) $140 Total Debt(5) $0 • SandRidge is an experienced operator with: Flat production over the trailing twelve months, with ~$11MM of invested capital (6) - - Expanded 2022 capital program of high-return projects to further enhance production and arrest declines 9 new wells high-graded in core of NW Stack Continuation of well reactivation program Low overhead, with G&A of $1.42 per Boe for FY21 (7) No debt - ~$99MM of free cash flow in 2021 (8) and a growing net cash position - ~75% of wells can operate profitably at $40 WTI and $2.00 HH(9) 3 - - >10-year reserves-to-production ratio and ~35-year weighted average well life(10) ~$1.7 billion of Net Operating Loss ("NOL") carryforwards as of YE21, shields future free cash flow from federal income taxes Prior investment in existing infrastructure (11) of over 1,000 miles of saltwater disposal ("SWD") pipelines and 1,000 miles of electric power lines, contributing to low lease operating costs of $3.90 per Boe for FY21 (12) Ongoing commitment to Environmental, Social, and Governance ("ESG") SandRidge Energy, Inc. NYSE: SD#44 2021 Performance and Key Accomplishments • The Company operated well within its 2021 guidance (13) ranges for production, capital expenditures, LOE, and Adjusted G&A Production (MBoed) Capex ($MM) 18.6 6% above 2021A (14) LOE ($MM) 17.6 $11.0 9% below MPOG (13) 2021A $36.0 $35.5 1% above $12.0 MPOG (13) Adj. G&A ($MM)(15) $12.7 $8.3 35% below 2021A MPOG (13) 2021A Other Items: • Paid off $20MM term loan and ended the year with zero debt Implemented a successful well reactivation program, restoring ~400 Bopd and ~17,000 Mcfd of gross production MPOG (13) Closed North Park Basin ("NPB") sale and completed purchase of all overriding royalty interest assets of Mississippian Trust I SandRidge Energy, Inc. NYSE: SD#5SandRidge - Key Highlights Over the past few years, the Board and Management have focused SD's assets, optimized its production profile, streamlined its organization and cost structure, strengthened its balance sheet and maintained an ESG commitment Midcon PDP Asset Base Advantage Organic Development Free Cash Flow Generation Capability Currently, focused solely on well-understood, long-historied, Midcon assets ~100% HBP acreage with a long-lived, shallowing decline over LTM(16), double-digit reserve life and diversified commodity mix across ~975 operated wells Prior investment in existing infrastructure (11) with over 1,000 miles of saltwater disposal ("SWD") pipelines and 1,000 miles of electric power lines, contributing to low operating costs ~75% of wells can operate profitably at $40 WTI and $2.00 HH(9) Daily average base production rate of 18.6 MBoed (14) in 2021, driven in part by well reactivations More than 129 low-cost, high-return well reactivation projects completed YTD to enhance production Expanded 2022 capital program of high-return projects to further enhance production and arrest declines 9 new wells to be drilled and completed in 2022; continuation of well reactivation program Free cash flow generation of -$99MM in 2021 (8) given low-per Boe cost structure, low and predictable capital requirements, improving realizations (17) and balance sheet - Top-tier EBITDA to FCF conversion percentage of nearly 90% in 2021(18) LO 5 Shareholder Value Focus Balance Sheet and Financial Flexibility ESG Commitment ■ ■ ☐ ■ The Company believes its PD reserves have PV-10 value of approximately $433MM(1) at YE21 SEC prices Recognizing full benefits of improved commodity pricing due to unhedged position as of March 1, 2022 Executed opportunistic, economically-accretive acquisitions Board commitment to utilize cash to maximize shareholder value Current cash position of $140MM (4) as YE21, and no debt No MVCs, drilling or other material "off balance sheet" commitments ~$1.7 billion of Net Operating Loss (NOL) carryforwards as of YE21 Environmental. No routine flaring of produced natural gas since 1Q21 Entered into partnership with University of Oklahoma to explore the potential for Carbon Capture, Utilization and Sequestration applications across the Company's assets Owned and operated saltwater gathering systems provide a lower emissions alternative relative to produced water trucking Social. Demonstrated safety track record integral to culture Governance. Independent board with diversity of background; annual say-on-pay; 382 Rights Plan approved by shareholders SandRidge Energy, Inc. NYSE: SD#6SandRidge Go-Forward Strategy The Company's primary strategic focus is to grow the cash value and generation capability of its asset base to accelerate shareholder value realization in a safe, responsible and efficient manner Continual assessment of capital program and organic-growth inventory based on results, forward-looking commodity prices, costs, and other factors to ensure appropriate level of returns and cash flow accretion Increase the Cash Value and Generation Capacity of SD's Asset Base ■ " Extend and flatten the Company's production profile with relatively low required investment capital, high return and quick payback workovers and other "small ball" projects as well as with well reactivations as commodity prices justify - Reactivated 129 wells in 2021, adding 3.2 gross MBoed (19) Initiating a 9 well drilling program in the core of NW Stack Actively manage marketing options to maximize pricing realizations Continue to press operating and administrative cost reductions where possible, in a responsible manner Continue a High Level of Cash Conversion ■ Maintain a streamlined organizational structure and low G&A burden ■ Enforce tight capital discipline with a focus on high-return, quick payback projects " Manage working capital in a disciplined manner ■ Ensure maintenance of a responsible balance sheet Remain Vigilant for Opportunistic, Value- Accretive Acquisitions & Divestitures ■ ◉ Focus on value accretive opportunities that bring synergies, further leverage SD's core competencies, compliment or balance the Company's portfolio of assets or otherwise yield a competitive return Ensure sufficient infrastructure, assets, optionality to improve margins and remain in constructive regulatory regimes Management believes the Company's balance sheet, sizeable cash position, and access to capital are favorable advantages Uphold ESG Responsibilities " ■ " Environmental. Committed to harvesting the Company's resources in a safe and environmentally conscious manner, to include renewed dedication and continuance of no routine flaring of produced natural gas Social. Continue strong focus on safety throughout all parts of the organization Governance Maintain governance best practices - Provide timely, appropriate investor communications - Focus on maximizing shareholder value SandRidge Energy, Inc. NYSE: SD#7Midcon Asset Position • 368K acre position across northern OK and southern KS • • Daily average production rate of 18.6 MBoed in 2021 - Shallowing base declines will be lessened further from ~30 well reactivations and focused drilling in 2022 >10-year reserves-to-production ratio and a ~35-year weighted average well life (10) . Mix of hydrocarbons with FY21 Boe production comprised of ~53% gas and ~47% liquids Acreage Position (20) YE 2021 Summary Operating Metrics 7 Net Production (14) Kansas Liquids % Oklahoma PD Reserves 18.6 MBoed -47% 71.3 MMBoe PD PV-10 (SEC)(1) ~$433MM R/P Ratio | Avg. Well Life (10) >10 yrs.~35 yrs. Operated % 66% Avg. Op Working Interest % 81% Avg. Op Net Revenue Interest % 65% Net Acreage (20) 368K HBP % 99% SandRidge Energy, Inc. NYSE: SD#88 Production Rate, Boepd 2022 NW Stack Drilling Program High-graded locations offer attractive returns in current pricing environment Overview NW STACK Drill high-interest infill or direct offset wells High-graded program in core of NW Stack Focus on drilling and completion costs Controlled and purposeful start to drilling Conservative 2-3 wells spacing Better than anticipated results, further strengthening or flattening of commodity prices, well costs and other factors will guide future drilling decisions and inventory considerations 2022 NW Stack Drilling Program - Average Offset Performance (21) 800 250,000 700 600 500 400 300 200 100 0 0 0 200 400 600 Producing Days 800 1000 200,000 150,000 100,000 50,000 Cumulative Production, Boe NW Stack NW Stack 2022 NW Stack Drilling Program - IRR vs Commodity Price (22) 120% 100% 80% 60% 40% 20% Kansas Oklahoma 0% $60/$3 $65/$3.50 $70/$4 $75/$4.50 $80/$5 $85/$5 $90/$5 $95/$5 $100/$5 SandRidge Energy, Inc. NYSE: SD#99 BOPD Production Optimization • • The Company has implemented a disciplined program of high ROI workover and other projects to shallow its PDP decline profile Work done to date has played a key role in achieving flat production over the trailing twelve months (6) ~30 well reactivations currently planned throughout 2022 Relatively low capital investment, quick payback and high return(23) - Average actual costs of ~$61K per well, and on average below AFE estimate Nine-month capital weighted-average payback More than 120% capital weighted-average rate of return Disciplined approach - - Competitive bidding on equipment and services; aggressive incorporation of already-owned, under-utilized parts "Blank page" project redesign; real-time job modification to adjust to well and other relevant information GIS integration to optimize workover rig schedule → “less time on road, more time on well" Well Reactivations and Artificial Lift Conversions Returned 129 wells to production in 2021, resulting in a gross production increase of 3.2 MBoed (19) ~30 well reactivations currently planned throughout 2022 ~35 artificial lift conversions planned which will improve both production and cost efficiencies 2021 Well Reactivations - Total Gross Production Increase and Well Count 1,000 25,000 30 800 25 20,000 600 15,000 400 10,000 MCFD Online Well Count 140 120 100 80 60 40 200 5,000 5 20 0 0 0 0 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Jan-21 Mar-21 May-21 Jul-21 Oil Production (Bbl/d) Gas Production (Mcf/d) Online Sep-21 Cumulative Wells Nov-21 SandRidge Energy, Inc. NYSE: SD Cumulative Well Count#10• Midcon Operating Cost Structure Since 2016, the Company lowered its annual absolute LOE by ~75% and its LOE per Boe by ~30% Overview 10 Reduced annual absolute LOE by ~75% since 2016 LOE(24) $150 $5.52 LOE Expense Workover LOE/Boe $6.0 Per Boe LOE by ~30% ■ Continuous review of individual well profitability to assess well reactivation or curtailment decisions Decreased average workover cost Improved run time via design Decreased job costs through reduced cycle times, owned equipment utilization Reduced field personnel from 231 to 85 while maintaining high safety standards ■ 24-hour Operations Center with advanced SCADA telemetry ensuring activity optimization, as well as monitoring to help prevent safety or environmental issues Optimized and rebid compressor usage and lowered generator usage SD LOE ($MM) $5.15 $4.90 $4.58 $16.0 $100 $3.90 $3.64 $4.0 $13.2 $11.3 $13.9 $50 $104.1 $2.0 $62.8 $6.1 $9.0 $53.7 $53.7 $28.3 $26.2 $0 2016 2017 2018 LOE + Expense Workovers ($/Boe) - SD vs. Peers (25) 2019 2020 2021 in LOE/Boe ($/Boe) $24.19 ☐ Optimized use of chemical treatments and continued rebidding of supplies to ensure optimal costs $16.04 $14.92 $13.47 $12.32 Peer Average: $10.64 $8.94 $9.21 $7.95 $6.44 $4.23 $4.54 $5.30 W/O $5.46 LOE Peer 1 Peer 2 SD 2021 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 Peer 12 SandRidge Energy, Inc. NYSE: SD#11Owned and Operated, Integrated Water and Power Infrastructure Across Acreage Footprint The Company believes that: • - Owned and operated SWD and EDS systems provide a field cost and strategic advantage relative to abutting operators Represents significant prior investment (11) with low current capital requirements to support operations - Low power, water transportation and disposal expenses from owned infrastructure are key advantages that mitigate "Miss Lime" risk and contribute to positive cash flow Overview (26) 1,000+ miles SWD gathering pipeline - 98% of water is piped vs. trucked System is interconnected; can redirect flow according to needs Interconnectivity and relatively low utilization is a buffer against any unforeseen curtailment Low water transportation and disposal cost on connected, operated wells, versus a ~$2.00 per Bbl trucking cost SWD Gathering System Harper Comanche Barber Woods t Alfalfa Harper 더 I Sumner Kay 11 ■ 60+ active disposal wells ~145 MBw/d currently disposed (vs. peak of 1.2 MMBwpd in 2014) Current capacity ~350 MBw/d ■ 1,000+ miles power lines Woodward Roger Mills Dewey Major Blaine سلة Garfield ས SERVICE Noble Kingfisher PIPELINE SD Leasehold by Section SandRidge Energy, Inc. NYSE: SD#12SandRidge Organization Today • Starting in 2018, the Board and Management initiated meaningful personnel reductions to "right size" the organization to better align with the asset base and activity levels as well as to improve the ratio between field and corporate employees - - Outsourced operational accounting, land administration, HR, tax and other areas, saving $6MM+ per annum and providing enhanced scalability Retained key operational and technical skill sets, and moved to a contract-as-needed model for more episodic roles Remaining "core" team has been "upgraded" and "wears multiple hats" - "Fewer, better, better-incentivized" people with, in aggregate, more "career motivation" to drive SD's value Employees 600 500 509 400 300 200 100 12 0 476 231 207 310 270 278 269 147 140 114 101 163 130 98 85 16 16 2016 2017 2018 2019 2020 2021 Corporate Field SandRidge Energy, Inc. NYSE: SD#13Streamlined G&A The Company has lowered its annual absolute and per Boe G&A by ~75% and -60%, respectively, since 2018 Total G&A(27) $150 $6.50 13 SD Total G&A ($MM) $100 $125.9 $50 $0 $5.10 $8.0 $6.0 $3.38 $4.0 $2.68 $1.76 $1.42 $2.0 $76.0 $41.7 $32.1 $15.3 $9.7 2017 2018 2019 2020 2021 2016 Total G&A / BOE - Recent Quarter Peer Comparison (28) Total G&A / Boe ($/Boe) $6.99 $6.28 $5.85 Peer Average: $4.18 / Boe $1.42 SD 2021 $2.13 $4.66 $4.18 $3.93 $3.77 $3.61 $3.22 $2.75 $2.79 | | | | | | | Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 Peer 12 SandRidge Energy, Inc. NYSE: SD#14Peer Leading EBITDA-to-FCF Conversion and Net Leverage Free cash flow as a percentage of EBITDA leads peers • No debt obligations Free Cash Flow as a % of EBITDA, SD to Peers (29)(30) 100% 50% 0% -50% -100% ויי -150% SD 2021 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 Peer 12 Net Leverage Ratio, SD to Peers (30)(31) 6.0x 14 5.0x 4.0x 3.0x 2.0x 1.0x n.a. n.a. 0.0x SD 2021 Peer 11 Peer 4 Peer 3 Peer 9 Peer 8 Peer 5 Peer 10 Peer 2 Peer 12 Peer 6 Peer 7 Peer 1 SandRidge Energy, Inc. NYSE: SD#152022 Guidance 15 Production Oil (MMBbls) Natural Gas Liquids (MMBbls) Total Liquids (MMBbls) Natural Gas (Bcf) Total Production (MMBoe) 0.9-1.1 1.8-2.2 2.7-3.3 17.5 - 21.0 5.6-6.8 Capital Expenditures Drilling and Completions ("D&C") Non-D&C Total Capital Expenditures (excluding acquisitions and plugging & abandonment) $34 $42 Million $7 - $8 Million $41 $50 Million Expenses Lease Operating Expenses ("LOE") Adjusted G&A Expenses (15) Severance and Ad Valorem Taxes (% of Revenue) Price Differentials Oil (% of WTI) NGL (% of WTI) Natural Gas (% of HH) $33 $41 Million $8.5 $11.5 Million 6.0% -7.0% -97% -30% ~70% SandRidge Energy, Inc. NYSE: SD#16SANDRIDGE energy APPENDIX SandRidge Energy, Inc. NYSE: SD#1717 Gas Realization (% of Henry Hub) Improving NGL and Gas Realizations • • Realizations continue to build back up to pre-pandemic levels, further enhancing SD's strong margins and cash flow Price realizations are a key value driver for the Company on which the Board and management are keenly focused NGL Realization (% of WTI) 90% 60% 30% 0% 40% 20% NGL Realization (% of WTI) (32) LTM AVG. 0% 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 Gas Realization (% of Henry Hub) (32) LTM AVG. 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 山 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21#18Endnotes 1) Represents discounted future net cash flows relating to proved oil, natural gas, and NGL reserves based on the standardized measure in ASC Topic 932. Determined using SEC prices and does not reflect actual prices received or current market prices. 2) Cash and cash equivalents of $140MM as of December 31, 2021. $20MM term loan repaid and credit facility terminated in September 2021. Management's internal unaudited proved developed reserve PV-10, utilizing forward-looking pricing and other assumptions, do not reflect audited or engineered SEC historical price-based reserves, as routinely updated from the Company's year-end reserves, consistent with industry practice. Pricing assumptions include March 2, 2022 NYMEX strip pricing (next twelve months average WTI of $94.08 per Bbl and Henry Hub of $4.90 per Mcf) as well as price realizations and lease operating expense, based on a historical twelve-month trailing average. 4) Cash and cash equivalents includes restricted cash of $2.3MM as of December 31, 2021. 5) $20MM term loan repaid and credit facility terminated in September 2021. 6) Based on January 2021 - December 2021; pro forma for NPB sale. 7) See slide 13 for more details. 8) Free cash flow for the twelve months ended December 31, 2021. Free cash flow defined as net cash provided by (used in) operating activities plus net cash provided by (used in) investing activities less the cash flow impact of acquisitions and divestitures. 9) Percentage of the operated PDP well set as of March 2, 2022 that has positive cash flow at $40.00 per Bbl oil, $2.00 per Mcf and NGLS of 40% of WTI; Forecast and expense assumptions based on YE21 reserves (see endnote 3). 10) Reserves-to-production ratio calculated using YE21 SEC net reserves, divided by 2021 production. Weighted average well life represents the remaining economic well life, weighted by net reserves, as calculated from 2021 reserves and utilizing forward looking price assumptions, which were based on the March 2, 2022 NYMEX strip (see endnote 3). 11) References previous "sunk cost" capital investment in Midcon SWD and electrical infrastructure prior to current period; Does not reflect the current value of said infrastructure as of December 31, 2021, nor future value. 12) $3.90 per Boe for the twelve months ended December 31, 2021 excludes expense workovers; pro forma for NPB divestiture. See slide 10 for more details. 13) Production, LOE, and capex guidance provided to market in August 2021, capex excludes P&A; G&A guidance provided to market in March 2021. 14) 2021 production of 18.6 MBoed includes 36 days of production contribution from NPB assets prior to closing of NPB divestiture in February 2021. 15) Adjusted G&A excludes non-cash stock compensation. 16) Annual production was flat over the trailing twelve months (see endnote 6). Production decline decreased year-over-year from 2020 to 2021. Production decline is relatively less, based on where the Company's Midcon asset base is in the production cycle, versus that of an asset with a higher density of newer wells that often have high initial declines. 17) See slide 17 for more details. 18) See slide 14 for more details. 19) Daily production represents a time-normalized cumulative daily rate. 20) As of December 31, 2021. 21) Average performance of existing Meramec producers within one mile of planned 2022 SD drilling locations. 22) Uses average performance at 80.5% NRI. 23) Midcon capital workover projects during the twelve months ended December 31, 2021. 24) SD metrics are Midcon only; pro forma for NPB divestiture. LOE per Boe figures exclude expense workovers. 25) Public SMID Cap peer E&P operators with <70% dry gas production, in alphabetical order, include AMPY, AXAS, BATL, BRY, EPM, ESTE, LPI, REI, REPX, ROCC, TALO, and WTI. Peers based on 3Q21 annualized per FactSet. SD metric is Midcon only, pro forma for NPB divestiture and reflects FY21. 26) Excluding NW Stack or other properties not connected to saltwater gathering system. 27) Total G&A includes stock-based compensation. 28) Public SMID Cap peer E&P operators with <70% dry gas production, in alphabetical order, include AMPY, AXAS, BATL, BRY, EPM, ESTE, LPI, REI, REPX, ROCC, TALO, and WTI, based on 3Q21 annualized from FactSet. SD reflects FY21. 29) FCF defined as net cash provided by (used in) operating activities plus net cash provided by (used in) investing activities less the cash flow impact of acquisitions and divestitures. 18 30) Public SMID Cap peer E&P operators with <70% dry gas production, in alphabetical order, include AMPY, AXAS, BATL, BRY, EPM, ESTE, LPI, REI, REPX, ROCC, TALO, and WTI, based on 3Q21 YTD from FactSet. SD reflects FY21. 31) Net leverage ratio defined as total debt less cash and cash equivalents divided by last twelve months EBITDA. 32) Midcon only. Without hedge impact. Ethane recovery began in 4Q19, which moves relatively higher BTU. SandRidge Energy, Inc. NYSE: SD